HomeMy WebLinkAboutResolution 90-1991 RESOLUTION NO. 90-91
WHEREAS, there has been submitted to the governing body of the
City of Brookings, South Dakota, a request by Larson Manufacturing
Company, a South Dakota corporation (the "Company") , requesting that
the City of Brookings, South Dakota, issue approximately $1, 000, 000 in
Economic Development Revenue Bonds to provide the necessary funds for
the construction of an addition to the company's manufacturing plant
and facilities located on Sunrise Ridge Road approximately one block
south of the intersection of Highway 14 and Sunrise Ridge Road within
the city limits of the City of Brookings, South Dakota, and to
purchase laminating equipment, parts manufacturing equipment and
miscellaneous production equipment to be installed in the
manufacturing plant; and
WHEREAS, the City finds and determines that the issuance of the
Economic Development Revenue Bonds by the City to provide the
necessary funds to construct an expansion to the Company's plant and
to purchase the manufacturing equipment referred to herein, will
provide greater employment opportunities, will increase the tax base
and will develop and enhance the overall economic welfare and
prosperity of the community within the City and State;
NOW, THEREFORE, BE IT RESOLVED, that the City of Brookings, South
Dakota, does, by the adoption of this Resolution, evidence its intent
to cooperate with Larson Manufacturing Company, a South Dakota
corporation, to issue approximately $1, 000, 000 in Economic Development
Revenue Bonds to provide the necessary funds for the construction of
an addition to the Company's manufacturing plant and facilities
located on Sunrise Ridge Road approximately one block south of the
intersection of Highway 14 and Sunrise Ridge Road within the city
limits of the City of Brookings, South Dakota, and to purchase
laminating equipment, parts manufacturing equipment and miscellaneous
production equipment to be installed in the manufacturing plant; and
BE IT FURTHER RESOLVED, that the issuance of the bonds by the
City of Brookings, South Dakota, shall not constitute or impose upon
the City any pecuniary liability or charge upon its general credit or
taxing powers; and
BE IT FURTHER RESOLVED, that the acquisition, construction and
equipping of an addition to the Company's manufacturing plant within
the city limits of the City of Brookings, South Dakota, is in
furtherance of and compliance with those purposes and objectives as
set forth in SDCL 9-54 and amendments thereto; and
BE IT FURTHER RESOLVED, that publication of a "Notice of Public
Hearing" be authorized and that Tuesday, the 19th day of November,
1991, at 2 :00 o'clock p.m. , in the City Commission Chambers of City
Hall, 311 Third Avenue, Brookings, South Dakota, be set as the date,
time and place of hearing for consideration by the governing body of
the City of Brookings to authorize the issuance of approximately
$1, 000, 000 of Economic Development Revenue bonds to be utilized for
the construction and equipping of an expansion to the Company's
manufacturing plant and related facilities located within the city
limits of the City of Brookings, South Dakota.
sed and approved this 29th day of October, 1991.
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